Hyattsville Apartment Trades Off-Market for $43M
The Donaldson Group, Declaration Capital and Angelo, Gordon are the buyers of the 288-unit high rise.
HYATTSVILLE, MD—Plaza Towers, a 288-unit high-rise apartment building here has traded in an off-market transaction for $42.6 million. The buyers are the Rockville, MD-based The Donaldson Group and New York firms Declaration Capital and Angelo, Gordon. The partnership plans to invest additional capital for property improvements.
The partners made an all-cash offer as well as an accelerated settlement period to meet the seller’s closing time frame, according to Carlton Einsel, CEO of The Donaldson Group.
Located on approximately 6.6 acres at 6700 Belcrest Road, Plaza Towers is located within walking distance of both the Prince George’s Plaza Metro Station and The Mall at Prince George’s. It is also close to two new mixed-use developments: the $2 billion, 150-acre research-focused Discovery District, and Riverdale Park Station, a 1.4 million square foot town center anchored by Whole Foods.